MTN Group denies launching MTNCoin, a digital currency proposal circulating on the internet

A man walks in front of an advertisement billboard of MTN phone company in Abuja, Nigeria May 25, 2015.
  • MTN Group denies moves to launch digital coin. The company says Eureka Africa submitted the MTNCoin proposal but declined the deal.
  • The proposal described MTN digital currency as a disruption to financial services across Africa.
  • Despite high acceptance by citizens, the African governments are not yet ready for the Crypto market.

MTN Group has distanced itself from the 'unsolicited proposal' by Eureka Africa.

In a statement issued in Johannesburg on Wednesday, November 13th, 2019, the group urged “publishers refrain from sharing this document or its contents on any public platforms.”

The document started circulating on WhatsApp and some social media platforms

MTN Group is aware of a proposal that has been circulating on the internet, regarding a digital currency product called ‘MTN Coin’. 

“The unsolicited proposal submitted to MTN by an entity called Eureka Africa was not adopted, and we, therefore, wish to distance ourselves from the document, as well as the services and offerings it mentions, as these are not provided by MTN,” the statement reads.

The proposal described it as a disruption to financial services and expected to run on the Stellar platform.

On Tuesday, a proposal surfaced online about MTNCoin -  a digital currency expected to run on the Stellar Platform (a Blockchain platform for cross-border transactions). This, crypto traders and investors believed, will change the narration about digital currency in African markets.

Stellar did not respond to questions posed by Business Insider SSA on the proposal, while a public relations team at MTN Nigeria described it as purely fake.

Despite high acceptance by citizens, government regulations continue to dampen its impact in Africa. In Nigeria, the regulatory agencies had warned citizens against trading in the highly volatile market.

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